UPL is forming a channel with higher high and higher low. Expecting a reversal on hitting the upper channel.
One can look for a short set up as per the chart after the Q2 results. There seems to be a pattern in Q2 results of UPL as this being a cyclical sector. Sep quarter sales followed by Jun quarter is always less. My assumption is people don't use company's product (pesticides) during rainy season. Expecting low earnings in Q2.
As per chart technical short on rise after the results.
Entry 840
SL 847
Target - 812
One can look for a short set up as per the chart after the Q2 results. There seems to be a pattern in Q2 results of UPL as this being a cyclical sector. Sep quarter sales followed by Jun quarter is always less. My assumption is people don't use company's product (pesticides) during rainy season. Expecting low earnings in Q2.
As per chart technical short on rise after the results.
Entry 840
SL 847
Target - 812
Trade active:
Now the results are out... trade active
Comment:
Actually it spiked down to 816. But manually we are entering now at 837 in equity and 840 FUT
Comment:
UPDATE TSL 830 equity 832 FUTURES
Trade closed: target reached:
Both reached target Equity and Futures at 805.
Trade closed: target reached:
This went beyond our target....made low of 777